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The retail and consumer goods industries will change more in the next 10 years than they have over the past 40.
One primary force is responsible - digitalization - and it has already begun.
As you read this, a digital wave is underway that could bring a cumulative US$2.95 trillion in operating profits by 2025 for the retail industry.
Accenture Strategy sees four main drivers of success - actions leading companies can take - through 2025 that are critical for consumer companies.
All are powered by digital, the key tool industry leaders will use to transform themselves for the next decade and beyond.
Shaping the Future of Retail for Consumer Industries
Leaders are already using digital technologies to meet rapidly changing market needs. From developing platform-based ecosystem to better utilizing advanced data science, retailers are changing their business to become more competitive in the digital age.
Key Findings
Leaders will use digital to understand and connect with consumers
The average consumer has global access to more than one billion products. The result? Fragile customer loyalty.
Leaders will rapidly adopt game-changing technologies now
We see eight technologies playing a key role through 2025, impacting all major areas of the business, from digital traceability to robotics.
Leaders will test new business models online and offline
Mastering an omnichannel approach is key. Industry leaders are also already grappling with digitally enabled business models like the sharing economy (rentals), the personalization economy (curated subscriptions), auto replenishment and smart ordering via the replenishment economy, and the services economy (“Do it for me”).
Leaders will know the three must-have capabilities to thrive over the next decade
Partnership mindset | Last-mile delivery | Advanced data sciences
Retail and CPG Industries Value Chain
Source: “Shaping the Future of Retail for Consumer Industries,” Insight Report
Shaping the Future of Retail for Consumer Industries
Value framework for business models
For the purposes of this research, a unique value-at-stake framework has been developed to support a consistent approach to measuring the impact of these business models on the industry (business impact) and consumers (consumer impact).
This framework helps enterprises, policy-makers and regulators better understand the value that each business model in the retail sector can generate for both the industry itself and consumers.
The analysis projects that e-commerce and the four emerging business models – sharing economy, smart replenishment, curated subscription, and “do it for me” services - could unlock $2.95 trillion in value for the industry and consumers over the next decade.
Consumer benefits account for 68% of this value and industry benefits account for 32%.
Value at Stake for the Retail Industry
Download the Paper: Shaping the Future of Retail for Consumer Industries
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